AUD/NZD: Looking for 300+ pip moves for the rest of the week

There are some major risk events looming with the RBA decision and the SoMP later in the week, Australian retail sales and employment data, whilst on the other side of the Tasman there will also be jobs data and importantly the monthly dairy auction.

Traders won’t be overly worried about direction, they will lap up the additional volatility. A multitude of risk events like this are always a great test of trading skill.

I prefer to approach this period with a bullish bias. I find that I trade better when I commit to one side rather than sitting on the fence. The immediate levels that I am watching are at 1.1030/1.1120 and I would not be at surprised if we are 300+ pips away from the edges of this range by the end of the week. Once we start getting breaks post risk events, then we can use the volatility to build positions.

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